The Collective, a London-based real estate development firm, will launch its $450 million co-living building at 277 Lorimer St. on the border of Bushwick and Williamsburg by 2020.
The 350,000 square-foot building on the land purchased from Bless Properties for just over $54 million will be Brooklyn’s first co-living building and The Collective’s only U.S. location to date.
The building will offer a wide array of amenities including a retail and dining hub with specialty foods, an art gallery, group workout spaces, outdoor and rooftop lounge areas, a restaurant and bar, and rehearsal and performances spaces for the artists and performers who can afford to live there.
Led by 29 year old CEO Reza Merchant, The Collective raised $400 million last winter and plans to rapidly expand across the UK, Germany and the U.S. with 9,500 apartments planned or in development, according to Forbes.
Ethan Stanton, a rep. for the seller, tells Real Estate News that the Broadway Triangle location in Brooklyn was an ideal site for the project: “The five-lot assemblage unlocked more than 328,000 of potential zoning floor area, making this the largest site to close in North Brooklyn since the Rheingold Brewery site sold in 2016.”
The Collective’s only completed building, Old Oak, is located in London and lists all-inclusive studio accommodations with a private bathroom and kitchenette ranging from $1,801.95 per month for a four-month lease to $1,608.88 per month for a year-long lease.